Oct. 22 (Bloomberg) -- Lorenzo Bini Smaghi should quit his post on the Executive Board of the European Central Bank, said Italian Prime Minister Silvio Berlusconi. “I hope he understands and steps down for the good of the country,” Berlusconi told reporters in Brussels today. He said he would discuss the matter with French President Nicolas Sarkozy at a summit tomorrow.
Sarkozy backed Italy’s Mario Draghi to head the ECB with the understanding that Bini Smaghi would quit and make way for a French candidate for the board. Berlusconi passed over Bini Smaghi this week as Draghi’s replacement at the Bank of Italy.
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